Latest news with #Due
GMA Network
15-07-2025
- Business
- GMA Network
Digital finance companies call for stricter e-gambling regulations
Digital finance companies association FinTech Alliance PH is pushing for stricter regulations and enhance regulatory measures for licensed online gaming platforms and their users. According to a statement on Tuesday, founder Lito Villanueva said that FinTech Alliance has recognized the risks of e-gambling and sought for protections for Filipino consumers. 'We are united in our commitment to be part of the solution by working closely with regulators, elevating safeguards, and protecting the welfare of Filipino consumers,' said Villanueva. FinTech Alliance recommended Enhanced Due Diligence (EDD) for all merchant accounts for online platforms, continuous monitoring and blacklisting of illegal sites, and strict compliance with the Bangko Sentral ng Pilipinas' (BSP) regulations on payment channels. The Alliance also recommended reasonable restrictions be implemented on e-gambling platforms. 'We remain aligned with the BSP in ensuring that access to payment channels for online licensed gaming is strictly controlled, and that all FinTech Alliance members adopt robust due diligence measures,' Villanueva added. The Alliance was also backed by Senator Win Gatchalian, who echoed their sentiments for stricter e-gambling regulations. 'I welcome the stance of fintech companies to tighten the safeguards of online gambling that has now become a scourge for many individuals, including young people,' Gatchalian said. The statement falls in line with Senator Risa Hontiveros' statement on the accountability of casino operators and digital platforms. FinTech Alliance said that they will continue public awareness efforts to curb the risks of e-gambling. 'Financial literacy and responsible use are essential pillars of inclusive digital finance. As an industry, we are committed to upholding these values,' Villanueva said. — Jiselle Anne C. Casucian/BM, GMA Integrated News
United News of India
27-06-2025
- Business
- United News of India
Mule Bank accounts : CBI conducts nation-wide raids at 42 locations in 5 States, nine arrested
Chennai/New Delhi, June 27 (UNI) The CBI conducted nation-wide raids at 42 locations in five states and arrested nine people in connection with Mule Bank Accounts being used in Cyber frauds. In continuation of its on-going efforts to combat Cyber Crime and Digital Arrest Scams, the CBI acting on specific information and after verification launched coordinated searches at 42 locations across five States--Rajasthan, Delhi, Haryana, Uttarakhand and Uttar Pradesh--as part of the Operation Chakra-V to deal with the menace of mule bank accounts. The mule bank accounts were being opened by organized cyber fraudsters involved in digital arrest scams, impersonation, fraudulent advertisements, investment frauds and UPI-based financial frauds to transfer the cyber fraud amounts from the accounts of the victims. These cyber fraudsters are being helped by the commissions and omissions of certain bank officials, agents, aggregators, bank correspondents, middlemen and e-Mitras who are facilitating in opening of mule accounts used for receiving and transferring proceeds of cyber frauds as well as enabling withdrawals from such accounts. The CBI initially registered an inquiry to unearth the entire conspiracy of opening of mule accounts, the role of the bankers and the middlemen and to understand the existing bank's rules and guidelines. Inquiries revealed that more than 700 branches of various banks across India have opened around 8.5 lakhs mule accounts either without proper KYC norms or Customer Due Diligence or Initial Risk Assessment. The branch managers of the banks have also failed to conduct Enhanced Due Diligence in respect of certain suspicious transaction alerts generated by the systems. Some of the banks have also failed to send the acknowledgment/ thanking letters to customers to indirectly verify the addresses of the account holders. Since the guidelines issued vide the RBI Master Circular and certain internal guidelines issued by the banks have been violated, the CBI registered a FIR for offences of criminal conspiracy, cheating, forgery, use of forged document as genuine under IPC/BNS and also offence of criminal misconduct by bank officials under Prevention of Corruption Act. During the searches, several incriminating documents and digital evidences, mobile phones, bank account opening documents, transactions details, KYC documents have been seized and identification of individuals including middlemen involved in opening of mule bank account was done. Further nine accused have been arrested. They included middlemen, agents, aggregators, account holders, and bank correspondents for their involvement in the operation and facilitation of opening of mule bank accounts. The arrested accused are produced before the court and remanded in custody. The action is part of ongoing commitment of the Union Government to sternly deal with Cybercrimes and its perpetrators with a special emphasis on dismantling the infrastructure behind such offences. Further investigation is continuing. UNI GV 2223
News18
26-06-2025
- News18
CBI Cracks Down On Cybercrime: 9 Arrested, 8.5 Lakh Mule Accounts Uncovered
Last Updated: CBI's inquiry found that over 700 branches of various banks across India had opened around 8.5 lakh mule accounts, often without proper KYC norms or Customer Due Diligence The Central Bureau of Investigation (CBI) has launched a nationwide crackdown on cybercrime, conducting coordinated searches at 42 locations across five states: Rajasthan, Delhi, Haryana, Uttarakhand, and Uttar Pradesh. Dubbed Operation Chakra-V, the exercise aims to dismantle the infrastructure behind cybercrimes, particularly those involving mule bank accounts. According to sources, CBI's investigation has revealed that organised scammers were using mule bank accounts to transfer proceeds of cyber frauds, including digital arrest scams, impersonation, fraudulent advertisements, investment frauds, and UPI-based financial frauds. These fraudsters were being aided by certain bank officials, agents, aggregators, bank correspondents, middlemen, and e-Mitras who were facilitating the opening of mule accounts. CBI's inquiry found that over 700 branches of various banks across India had opened around 8.5 lakh mule accounts, often without proper KYC norms or Customer Due Diligence. Branch managers had also failed to conduct Enhanced Due Diligence on suspicious transaction alerts. Some banks had not sent acknowledgement letters to customers to verify their addresses. During the searches, the CBI has seized incriminating documents, digital evidence, mobile phones, bank account opening documents, transaction details, and KYC documents. Nine accused individuals, including middlemen, agents, aggregators, account holders, and bank correspondents, were arrested for their involvement in opening and facilitating mule bank accounts. The 9 arrested accused are: Lovkesh Shakya (Delhi) Savan Kumar (Delhi) Vishal (Delhi) Farman Beg (Uttarakhand) Purushottam (Uttarakhand) Shubham Kamboj (Uttar Pradesh) Umardeen (Uttar Pradesh) Yousuf (Rajasthan) Ashok Kumar (Rajasthan) The CBI's action is part of the Government of India's ongoing commitment to deal with cybercrimes and their perpetrators sternly. The agency is working to dismantle the infrastructure behind these offences and bring those responsible to justice. First Published: June 27, 2025, 03:23 IST
Entrepreneur
05-06-2025
- Business
- Entrepreneur
The Fintech Edge: Why Bold Marketing is the New Competitive Advantage
The fintech industry continues to grow rapidly, outpacing many other sectors. For fintech companies, it is not just the product or story driving growth, but also how a company tells... This story originally appeared on Due The fintech industry continues to grow rapidly, outpacing many other sectors. For fintech companies, it is not just the product or story driving growth, but also how a company tells its story, which can be just as important, if not more so. In some of fintech's most competitive niches, it can be hard to stand out, and that's why the most innovative fintech companies are taking a bold approach to digital strategy and fintech marketing. Disruptive digital strategies enable fintechs to break through the noise, forge genuine connections with clients, and outperform competitors that employ more traditional marketing approaches. Defining Disruptive Marketing in Fintech A disruptive approach to fintech marketing necessitates a willingness to challenge industry norms and traditional methods. Instead of using the formal, traditional style that banks have employed for years, it focuses on bold ideas, innovative strategies, and creative ways to capture people's attention. This approach fits fintech's role as a disruptor in finance. As new entrants saturate the market, even a solid product can get lost without standout marketing. A recent study found that 69% of consumers recognize fintech brands, while just 59% are aware of new offerings from traditional banks. Traditional financial marketing has typically relied on conventional media channels and formal messaging to establish trust and reach a broad demographic. In contrast, fintech companies utilize digital tools, advanced data strategies, and innovative technology to engage directly with younger, tech-savvy customers. This innovative marketing approach enables fintech brands to stand out by being as forward-thinking as the tools they offer. Challenging Norms Disruptive fintech marketing starts by questioning traditional financial practices and conventional marketing approaches. Instead of safe jargon and templated pitches, you see fintech firms strip away the clutter and embrace fresh ideas. Stephen Roche, president of the institutional fintech platform, Saphyre, captures this mindset in describing the company's approach to marketing that helped it land the world's largest financial institutions as clients: 'When crafting Saphyre's marketing strategy, we started by acknowledging a fundamental truth: in fintech, 'blending in' is a recipe for being overlooked. The space is saturated with complex platforms, legacy jargon, and templated messaging. We knew we had to stand out — not just to get attention, but to reflect the innovative nature of our technology and the clarity we bring to financial operations.' The payoff for challenging marketing conventions can be simple: people notice. You're more likely to remember a tagline that makes you smile or a demo that breaks the mold. In a field where every company claims to be the next big thing, breaking free from the norm reinforces your brand as the genuine alternative. Audiences notice boldness, and you build stronger connections by showing that you operate on a different level. By ripping up the rulebook, disruptive marketers can grab attention and prove their brand's promise through every unconventional campaign. Focus on Client Experience Fintech companies know that one of their most significant selling points is providing a smoother, more intuitive experience than old-school financial institutions. Therefore, their marketing often highlights ease of use and directly addresses customer pain points. Every campaign, webpage, or ad presents an opportunity to demonstrate how the product enhances the user's life, whether by simplifying payments, streamlining approvals, or eliminating paperwork. Rather than bombarding people with technical specs or financial jargon, fintech brands speak to problems that real users face — and how they solve them. This user-first approach means campaigns often tie the product's features with the target customer's pain points, creating relevant and empathetic content. Disruptive fintech marketing also pays close attention to usability in the marketing itself. If a fintech app says it's fast and straightforward, the ads must also feel that way. That's why fintech marketers often emphasize clarity and simplicity in their materials. They use clean visuals, plain language, and straightforward calls-to-action so that potential customers encounter zero hassle from the first impression onward. This focus on user experience in marketing has a powerful effect. It builds trust by showing customers that the company 'gets it' – that it understands their pain and has designed everything, even the ads, with the user in mind. The result is more transparent communication and a stronger emotional connection. The customer feels that the brand is on their side, here to simplify their financial life. When other brands use complex jargon and mixed messages, making things easy can become a bold differentiator in itself. Building Community At a time when trust in big financial institutions is often low, fintech companies have succeeded by fostering a sense of belonging and shared purpose among their users. Whether it's a bank for the people or a crypto platform for true believers, effective fintech brands cultivate an enthusiastic user base that feels personally invested in the product's success. This community-centric approach can turn customers into partners and advocates, amplifying marketing through word-of-mouth and network effects. Building a community means creating authentic relationships with users. Many fintech companies launch online forums, social media groups, or events to connect users with one another and with the company. A vibrant community can significantly improve retention and even reduce marketing spend, though it requires genuine, ongoing effort to cultivate. A customer who feels part of a like-minded tribe is more likely to stick around and bring others along. This creates a cycle — happy users tell others, new users join, and the community continues to grow. Moreover, a strong community gives a fintech brand resilience and credibility. When users feel a sense of ownership or camaraderie with a brand, they can defend it, promote it, and contribute content (like reviews, testimonials, or forum posts) that further spreads awareness. It can be challenging to achieve this kind of loyalty solely through advertising; it must be earned through shared values and consistent engagement. Disruptive fintech marketing recognizes that the best marketers are often a company's customers, and by building a true community, they can create a steady engine for long-term growth. Leveraging Technology Creatively Savvy fintech companies use technology and digital tools in smart, creative ways to get their message across. In contrast to traditional financial firms that might rely on slow-moving campaigns or legacy channels, fintech marketers meet customers where they are online, using everything from social media to mobile apps and beyond to make an impact. It's not just about using modern platforms, but using them boldly and inventively. This can mean producing viral-worthy content, using data to send personalized messages, or transforming ads into interactive experiences. Social media plays a huge role in this approach. Instead of using social media as an extra, fintech brands make it the main stage for their message. Saphyre's innovative approach of combining LinkedIn and PR provides a compelling example of how a fintech can become omnipresent online. According to Roche, 'Our most impactful marketing efforts have consistently come through our social media presence, particularly LinkedIn. It's where our brand voice has truly come alive. Through high-quality storytelling and content that's both informative and entertaining, we've been able to engage in real time with our audience, build trust, and shape the perception of Saphyre as a forward-thinking, transformative force in the industry.' LinkedIn Strategy Saphyre's LinkedIn strategy involves sharing thought leadership videos and live discussions that garner millions of views and spark industry conversations. In fact, approximately 45% of Saphyre's new business demo requests came directly from its social media campaigns. This social media approach can create a two-way dialogue that traditional advertising might find difficult to provide. For instance, responding to comments can help build engagement, trust, and rapport with potential customers. It allows you to actively shape your company's narrative, positioning it as forward-thinking. Beyond LinkedIn and mainstream networks, fintech marketers also try new digital spaces. For instance, a fintech company launching a new product might simultaneously host a live webinar, run an interactive demo on its website, and hold a contest on Discord, all at the same time. In some more niche spaces, companies have combined Instagram teasers, AMAs (Ask Me Anything sessions) on X (formerly known as Twitter), and influencer partnerships to generate buzz among targeted communities. Embracing new technologies and content formats can also help fintech marketers achieve more with less. For instance, a single well-crafted video or a viral tweetstorm can drive more engagement than a costly billboard. The innovative, digital-first style can show potential customers that a company is modern, quick to respond, and connected to what's happening now. These are just the qualities people expect from a tech-driven financial brand. Stand Out With Disruptive Fintech Marketing Fintech competition is heating up, and standing out means more than just having a great product. Companies that break the mold with their marketing — by questioning old rules, putting users first, building real communities, and using tech in fresh ways — are winning attention and changing what people expect from financial services. The companies that take bold steps in their marketing (just like they do in their tech) are the ones most likely to succeed in today's fast-moving financial world. Featured Image Credit: Photo by Alex Shute; Unsplash; Thanks! The post The Fintech Edge: Why Bold Marketing is the New Competitive Advantage appeared first on Due.
Entrepreneur
04-06-2025
- Business
- Entrepreneur
The Smart Money Order: Why Most People Get It Wrong
I recently watched a talk by Steve Chen, founder of CALLTOLEAP, where he outlined the optimal order for allocating your money if you bank with major institutions like Chase, Wells... This story originally appeared on Due I recently watched a talk by Steve Chen, founder of CALLTOLEAP, where he outlined the optimal order for allocating your money if you bank with major institutions like Chase, Wells Fargo, or Bank of America. His advice struck me as both practical and eye-opening, especially considering how many of us are making critical mistakes with our financial planning. As someone who has helped many friends organize their finances, I've seen firsthand how people often jump straight into investing without building the proper foundation. Chen's approach offers a clear roadmap that I believe everyone should follow. The Right Order for Your Money Chen outlines a five-step approach that makes perfect sense when you think about building wealth strategically: This hierarchy prioritizes security and tax advantages before jumping into the stock market through regular brokerage accounts. It's a sensible approach that too many people ignore. The post The Smart Money Order: Why Most People Get It Wrong appeared first on Due.
